Exhibit 4.5

      

    

    

    Ellomay Capital Ltd.

     

    Directors and Officers Compensation Policy

     

    (as updated August 12, 2021)

     

    	1.	
            Objectives & Content

          


     

    In this document we will define and detail Ellomay Capital Ltd.’s (the “Company” or “Ellomay”) compensation policy regarding the
      Company’s Directors and Officers (CEO, CEO's direct reports) (the “Compensation Policy”).

     

    The publication of the Compensation Policy is intended to increase the transparency and visibility of Ellomay's activities regarding
      all aspects of its Directors’ and Officers’ compensation and to enhance its shareholders' ability to influence the compensation of the Company's Directors and Officers.

     

    The Compensation Policy is worded in the masculine form only for purposes of convenience and is designated for equal and identical
      application to women and men, without any difference or change.

     

    It is stressed that this Compensation Policy does not grant any rights to the Company’s Directors and Officers, and the adoption of
      this Compensation Policy per se will not grant any of the Company’s Directors and Officers a right to receive any component of compensation set forth in this Compensation Policy. The components of compensation to which a Director or Officer will be
      entitled will be exclusively those that are determined specifically in relation to him in accordance with the requirements of the Israeli Companies Law, 1999 and the regulations promulgated thereunder (together, the “Companies Law”).

     

    It is clarified that in the event a Director or Officer receives compensation that is less than the compensation in accordance with
      this Compensation Policy, it will not be regarded as a deviation from this Compensation Policy, and such terms of his service or employment will not necessitate the approval of the General Meeting that is required in the event of approval of terms of
      service and employment that deviate from the compensation policy.

     

    	2.	
            General

          


     

    	

          	2.1.	
            Compensation Policy Purposes:

          


     

    The Compensation Policy is designed to support the achievement of the Company's long term work plan goals and ensure that:

     

    	

          	2.1.1.	
            Officers' interests are as closely as possible aligned with the interests of Ellomay's shareholders;

          


     

    
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          	2.1.2.	
            The correlation between pay and performance will be enhanced;

          


     

    	

          	2.1.3.	
            Ellomay will be able to recruit and retain top level senior managers capable of leading the Company to further business success and facing the challenges ahead;

          


     

    	

          	2.1.4.	
            Ellomay’s Officers will be motivated to achieve a high level of business performance without taking unreasonable risks;

          


     

    	

          	2.1.5.	
            An appropriate balance will be established between different compensation elements – fixed vs. variable, short term vs. long term and cash payments vs. equity based compensation.

          


     

    	

          	2.2.	
            The organs involved in the determination of the Compensation Policy are:

          


     

    	

          	2.2.1.	
            Compensation Committee – Provides the BOD (as hereinafter defined) with recommendations regarding
                the appropriate Compensation Policy, the required updates to the Compensation Policy and its renewal and approves Directors' and Officers' service and employment terms and conditions.

          


     

    	

          	2.2.2.	
            Board of Directors (“BOD”) – Approves the Compensation Policy for Directors and Officers and is
                responsible for periodical reviews of the Compensation Policy and its updating if necessary.

          


     

    

    	

          	2.2.3.	
            The General Meeting of Shareholders – Approves the Compensation Policy for Directors and Officers
                to the extent that such an approval is required by law.

          


     

    	

          	2.3.	
            Business environment and its impact on Company Officers' compensation:

          


     

    Ellomay is in the business of energy and infrastructure with operations that currently mainly include production of renewable and
      clean energy. The Compensation Policy is intended to ensure the Company’s ability to retain and recruit a dedicated and experienced professional management that will be able to successfully promote the Company’s interests and manage its business,
      operations and assets.

     

    	3.	
            Compensation of Directors and Officers in view of the Company's Values and Strategy

          


     

    	

          	3.1.	
            The connection between the Company's results and Officers' compensation:

          


     

    We believe the total compensation of our Officers should be influenced by our business results as well as each Officer's individual
      contribution to the achievement of these results.

    
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          	3.2.	
            The ratio between the compensation of Directors and Officers and the other employees of the Company (including contractors):

          


     

    The Compensation Committee and the BOD will review, from time to time, the ratio between the total cost of employment of each of the
      Directors and Officers and the average and median cost of employment of the rest of the employees (including contractors) and discuss its possible impact on labor relations within the Company.

     

    In the opinion of the Compensation Committee and BOD members, the current ratio is appropriate and reasonable in view of the nature
      of the Company, its size, the mixture of manpower and its field of operation and has no negative impact on the labor relations within the Company.

     

    	4.	
            Basic Concepts of the Company's Compensation Policy

          


     

    Directors’ and Officers' compensation should include a number of elements so that each of these elements rewards a different aspect of
      their overall contribution to the Company’s success:

     

    	

          	•	
            Base Salary, Director Fees or Management Service Fee – Compensates Directors and Officers for the
                time they devote to performing their roles in the Company and for the daily performance of their tasks. The base salary correlates to the Officer's skills (such as: experience, position knowledge, expertise, education, professional
                qualifications, etc.), on the one hand, and to the job requirements as well as the authority and responsibilities the job caries, on the other hand.

          


     

    	

          	•	
            Social and Incidental Benefits –Several of the social benefits are mandatory according to
                different local legislation (such as: pension and long term savings, severance pay, vacation, sick leave, etc.), others are provided according to market specific conventions and enable the Company to compete in the working environment (such
                as education funds and company cars in Israel) and the remainder are meant to complement the Fixed Base Salary and compensate the Officers for expenses incurred in connection with their job requirements (such as: travel expenses or
                allowances).

          


     

    	

          	•	
            Variable, Performance Based Rewards (Annual Bonus, Commissions and Grants) – Reward Directors and
                Officers for their contributions to the Company’s success and achievement of business goals during a defined timeframe.

          


     

    	

          	•	
            Equity Based Compensation – Designed to strengthen the link between long term shareholders’
                returns and the Company’s Directors’ and Officers’ rewards. This type of reward creates a stronger correlation between Directors’ and Officers’ motivation and interest and the interests of the Company’s shareholders. Another significant
                effect of Equity Based compensation is its contribution to retention, due to its inherent long term characteristics.

          


     

    
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    To ensure an adequate fit of all reward elements and the appropriate construction of the Total Compensation Package, all compensation
      elements of a Company Director or Officer will be presented to the approving organ prior to approval of any specific payment or reward.

     

    	5.	
            Compensation Elements

          


     

    	

          	5.1.	
             Base Salary:

          


     

    Base Salary for the Company’s Directors and Officers (other than non-employee and external Directors) for a full-time position will be
      as detailed in the following table

     

    
      	
              Position

            	
              Maximum Monthly Base Salary   in NIS**

            
	
              Chairman*

            	
              Up to NIS 125,000  (total cost to the Company of base salary not to exceed NIS 150,000)

            
	
              CEO*

            	
              Up to NIS 125,000 (total cost to the Company of base salary not to exceed NIS 150,000)

            
	
              Officer Reporting to CEO

            	
              Up to NIS 93,500

            
	
              Active Director

            	
              Up to NIS 66,000

            


    

     

    * The Company’s Chairman of the BOD and CEO are currently representatives of the Company’s controlling shareholders and are compensated
      for their BOD services and for management services based on a management services agreement. Should the Company resolve to retain the services of Directors or Officers performing similar functions who are not representatives of controlling
      shareholders, this policy will apply.

     

    ** These amounts will be linked to increases in the Israeli CPI

     

    A deviation of up to 10% above these amounts will not be deemed to deviate from the terms of this Compensation Policy. In the event
      the Director or Officer is not an employee of the Company (e.g. in the event the he or she is an independent contractor or service provider), the maximum monthly payment will be an amount equal to the cost of employment that the Company would pay in
      accordance with this Compensation Policy and applicable law had the Director or Officer been an employee of the Company (e.g., payments under Section 5.4 herein).

    
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    	5.2.	
            Base Salary Considerations:

          


     

    	 	  5.2.1.	
              Determining the Base Salary of the Company’s Officers

          


     

    The Base Salary for the Company’s Officers is first determined based on a pre-defined salary range. The range for each position will
      be based on:

     

    	

          	•	
            Relevant peer group benchmark data.

          


     

    	

          	•	
            Job requirements, authority and responsibilities the job caries and prior agreements executed with the Officer.

          


     

    	

          	•	
            Education, skills, expertise, professional experience and achievements of the Officer.

          


     

    	

          	•	
            Internal ratios between positions and between the Officer and the other employees (including contractors)
                of the Company.

          


     

    	

          	•	
            The Company's financial situation, business challenges and goals.

          


     

    The pay grade, approved within said range, will reflect the Officer's skills and fit into the intended position.

     

    In Israel, the Company’s Officers are naturally exempt from the provisions of the Israeli Working and Rest Hours Law, as they hold
      senior managerial positions as defined in such Law. Therefore, they are not entitled to any additional compensation for overtime.

     

    	

          	  5.2.1.1.	
              Market Comparisons (Benchmark):

          


     

    In order to set the Base Salary (and other compensation elements) ranges for recruitment of Officers to the Company, a comparative
      compensation study maybe conducted in the relevant market, reviewing similar position holders in comparable companies in the relevant geographies. The comparative study will cover companies meeting as many criteria as possible from the following
      list:

     

    	

          	•	
            Holding companies, preferably in the areas of renewable and clean energy, life science and hi-tech ;

          


     

    	

          	•	
            Publicly traded companies whose shares are traded on the Tel-Aviv Stock Exchange or Israeli companies whose shares are traded on the NASDAQ or NYSE markets and their market cap and/or shareholders' equity are close to that of Ellomay;

          


     

    	

          	•	
            Companies competing with Ellomay for managerial talent and for potential Company Officers in particular;

          


     

    Companies for which no reliable data can be collected will not be included in the comparison, even if they meet many or even all other
      criteria.

     

    The comparative study will cover all compensation elements and will present (if data availability allows) the following:

     

    	

          	•	
            Customary Base Salary range for similar roles (including data distribution);

          


     

    	

          	•	
            Customary range for Annual Bonus (in terms of percentage of annual salary);

          


     

    
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          	•	
            Customary range for Equity Based Compensation economic value on the date of grant (in terms of percentage of annual salary);

          


     

    	

          	•	
            Customary fringe and other benefits.

          


     

    	

          	  5.2.1.2.	
              Internal comparison – gaps between Officers' compensation and between the Officer and the rest of the employees:

          


     

    Before determining a Company Officer's pay, the following considerations, including their impact on labor relations in the Company, in
      general, and within the management team in particular, will be taken into account:

     

    	

          	•	
            The ratio between the Officer's compensation and the compensation of all other Company Officers at the same level;

          


     

    	

          	•	
            The ratio between the Officer's cost of employment and the cost of employment of all other Company employees (including contractors).

          


     

    These amounts will be reviewed from time to time, compared to prevailing relevant market conditions and cost of living and updated if
      necessary.

     

    	

          	  5.2.2.	
             Salary review principles and indexing:

          


     

    In order to retain Company Officers for long periods, their Base Salary will be reviewed from time to time in comparison to similar
      roles in the relevant market, taking into consideration the Company's financial situation. If necessary, a pay increase request will be presented to the relevant organs for approval. Automatic indexing mechanism (to the relevant CPI) may apply to the
      Officers' pay.

     

    	

          	  5.2.3	
              Directors Cash Compensation:

          


     

    The cash compensation of non-employee and external Directors will be determined in accordance with the Compensation Regulations for
      External Directors and/or the Companies Regulations (Relief for Public Companies whose Shares are Traded in a Stock Exchange Outside Israel), as the case may be, and shall not exceed the maximum compensation permitted by these regulations.

     

    In addition, Directors will be entitled to reimbursement for expenses incurred in the performance of their work, including trips
      overseas for work purposes.

     

    	5.3.	
            Variable compensation:

          


     

    Variable compensation elements are intended to achieve the following goals:

     

    	

          	•	
            Linking part of the Company’s Officers' compensation to the achievement of business goals and targets which will, in the long term, maximize shareholders’ return and create a joint interest between Company Officers and shareholders;

          


     

    	

          	•	
            Increasing Company Officers' motivation to achieve long term Company goals; and

          


     

    
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          	•	
            Correlating part of the Company's pay expenses with its business performance and increasing financial and operational flexibility.

          


     

    	

          	5.3.1.	
              Ratio between elements of the compensation package

          


     

    The appropriate ratio between the fixed components of Directors' and Officers' compensation and their variable compensation will be
      based on the following guidelines:

     

    
      	
              Position

            	
              Maximum Annual Variable Compensation in Cash

            	
              Maximum Annual Equity Based Compensation *

            
	
              Chairman

            	
              Up to 8 monthly base salaries or the equivalent thereof

            	
              --

            
	
              CEO

            	
              Up to 8 monthly base salaries or the equivalent thereof

            	
              Up to 8 monthly base salaries or the equivalent thereof

            
	
              Officer Reporting to CEO

            	
              Up to  8 monthly base salaries

            	
              Up to 8 monthly base salaries

            
	
              Non-Employee and External Directors

            	
              --

            	
              Fixed grant pursuant to the Company's Option Plan for Non-Employee Directors

            
	
              Active Director

            	
              Up to 6 monthly base salaries or the equivalent thereof

            	
              --

            


    

     

    *At the time of grant.

     

    The aggregate variable performance based compensation (cash and equity) shall not exceed 12 monthly base salaries on an annual basis.

    
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          	5.3.2.	
              Bonuses

          


     

    	

          	  5.3.2.1.	
              Annual Bonus Plan Principles

          


     

    An Annual Bonus Plan may be approved for a specific fiscal year.  An Annual Bonus Plan will be approved by the requisite approvals
      under the Companies Law and will include the following definitions:

     

    	

          	•	
            The duration of the bonus plan;

          


     

    	

          	•	
            The financial measure for calculating the bonus for a Director or Officer, which can be based on Market Cap, Operating Income, Equity or any other measurable criteria that can be calculated based on the Company’s financial statements;

          


     

    	

          	•	
            The department or individual objectives for each specific Director or Officer;

          


     

    	

          	•	
            The percentage from the selected measure that will be paid to each Director or Officer as a bonus;

          


     

    	

          	•	
            The threshold condition for the payment of the bonus will be quantitative and will be determined in the relevant annual bonus plan (for example, the existence of operating profit during the plan period, EPS, status of projects, etc.);

          


     

    	

          	•	
            Target Bonus definition – the Target Bonus is the bonus paid when goals are met at precisely 100%.

          


     

    	

          	•	
            Maximum Bonus – the maximum bonus for a Director or Officer per annum will not exceed 8 monthly base salaries and, to the extent the Company does not have profits for such year, the maximum bonus for a Director or Officer for such year
              will not exceed 2.5 monthly base salaries.

          


     

    	

          	•	
            The measures and their weights used to assess the Directors' or Officers' success and calculate the bonus.

          


     

    	

          	  5.3.2.2.	
              Defining the Annual Bonus Plan Measures and Targets

          


     

    As part of the development of an Annual Bonus Plan, plan measures and annual targets will be set as a basis for the evaluation of
      Officers or Directors' performance during the year. The Plan will include 2 types of criteria:

     

    	

          	•	
            Company Measures – Financial measures for Company performance, and specific department and individual measurable objectives – that  will have a weight of between 50%-100% of the total bonus, depending upon the weight of the managerial
              appraisal criteria as set forth below.

          


     

    	

          	•	
            Managerial Appraisal – An evaluation of the performance of each Officer in non-quantitative aspects of their contribution to the Company’s long term success – that  will have a weight of up to 20% of the total bonus for the CEO and the
              Directors and up to 50% of the total bonus for Officers other than the CEO.

          


     

    	

          	  5.3.2.3.	
              Setting the Bonus budget; reviewing and reducing bonuses

          


     

    The total annual bonus budget will be calculated according to the sum of the Maximum Bonuses of all Company Officers participating in
      the plan.

     

    Following the approval of the bonus plans and of the annual financial reports for the relevant fiscal year, the recommended bonuses
      will be presented to the Compensation Committee and the BOD.

    
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    The Compensation Committee and the BOD will have the authority to reduce the Annual Bonus based on their discretion considering the
      following aspects:

     

    	

          	•	
            The recipient’s contribution to the development of Company's business beyond the recipient’s direct responsibility;

          


     

    	

          	•	
            The Quality and speed of the recipient’s reaction to crises and other unexpected events;

          


     

    	

          	•	
            The overall managerial performance of the recipient’s, motivating employees and leadership.

          


     

    	

          	  5.3.2.4.	
              Bonuses payment and refunding mechanism

          


     

    Subject to the payment terms set forth herein, the bonuses based on an annual bonus plan will be paid with the first monthly salary
      following the review by the BOD, usually immediately following the approval of the annual financial reports.

     

    Each Director and Officer will sign a document committing to refund any part of the annual bonus paid based on financial measures that
      may in the future prove to be based on a mistake which will require a restatement of the financial statements during the 3 years following the mistaken report or based on any claw-back mechanism applicable to the Company. Such refund will be made
      within 6 months of publication of the restated financial statements.

     

    	

          	  5.3.2.5.	
              Discretionary Bonus

          


     

    In addition to or in lieu of bonuses paid under an annual bonus plan or the special bonus set forth below, the Company may pay a
      discretionary bonus to Officers and Directors, including due to personal and specific achievements, up to a maximum of 3 monthly base salaries per year, subject to limitations set forth in applicable law.

     

    	

          	  5.3.2.6.	
              Special Bonus

          


     

    In addition to or in lieu of bonuses paid under an annual bonus plan or the discretionary bonus set forth above, the Company may pay a
      special bonus to Officers and Directors due to special achievements and contribution to the attainment of the Company’s long-term goals, in accordance with the Company’s strategic business plan, including in connection with material projects under
      development, acquisition or disposition of material assets, financing activities, achievement of project milestones and achievement of department tasks, up to a maximum of 3 monthly base salaries per year, subject to limitations set forth in
      applicable law.

     
      	

            	  5.3.2.7.	
                Bonus Cap

            


      
        
          
             

            

            The aggregate bonuses paid to an Officer or Director for a specific year (whether in accordance with an annual bonus plan, a discretionary bonus or a special bonus) will not exceed the limitations set forth in Section 5.3.1. 

          

        

        
          

        

        	

              	5.3.3.	
                  Equity Based Compensation

              


         

      

    

    
       As part of the overall Directors and Officers compensation package in public companies, it is standard practice to offer a component of equity based compensation, which aims to establish proximity of interest between the relevant Directors and
        Officers and the shareholders of the Company.  Given the long term nature of the equity compensation plans, they support the ability of the Company to retain its senior managers in their positions for a long period.

      

      

    

    
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    In light of the advantages that stem from equity compensation plans, Ellomay will consider offering its Directors and Officers the
      option of participating in an equity compensation plan, based on the following:

     

    	

          	  5.3.3.1.	
              Tools of Equity Compensation

          


     

    The option plan will be defined and implemented in a manner that complies with the requirements of the relevant law of the countries
      in which the Directors and Officers are residing or are employed. In Israel, the plan will, to the extent possible, comply with the provisions of Section 102 of the Income Tax Ordinance.

     

    The equity grants presented for approval shall include the following details:

     

    	

          	•	
            The maximum number of options to be granted.

          


     

    	

          	•	
            The value of the equity based compensation (at the time of grant) per year, for each Officer, shall not exceed the amounts set forth in Section 5.3.1 (i.e., for purposes of calculating the value of equity compensation for a specific year,
              the value of equity compensation will be pro-rated over the vesting period such that the value attributed to a specific year will be the value at the time of grant multiplied by the percentage of the equity compensation that becomes
              exercisable during such year).

          


     

    	

          	•	
            The per-share exercise price of the options will not be lower than the known closing price in the market at the date of grant.

          


     

    	

          	•	
            The allocation of options between the various Directors and Officers and the existence of reserves for grants to Directors and Officers who may join the Company during the period of the plan.

          


     

    	

          	•	
            Options granted to Directors under the current option plan of the Company (i.e., an annual option grant of options to acquire 1,000 ordinary shares) will vest in one installment on the first anniversary of the grant date. Options granted
              to Officers will commence vesting on the first anniversary of the grant date and will vest over a period of not less than three years from the date of grant.

          


     

    	

          	•	
            The possibility of defining the maximum value for exercising of an option.

          


     

    	

          	•	
            The possibility of conditioning the vesting of part or all of the options of some of the Officers upon the achievement of predetermined performance goals.

          


     

    	

          	•	
            The expiration date of the options shall not be shorter than a year from the vesting date of each portion and shall not be longer than ten years after the grant date;

          


     

    	

          	•	
            Terms in connection with the option holder leaving the Company (due to dismissal, resignation, and death or disability) and changes in Company ownership.

          


     

    
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          	  5.3.3.2.	
              Option Grants

          


     

    Subject to the approvals required under the Companies Law, 1999, the Directors and Officers will be granted options to purchase shares
      of the Company pursuant to the provisions of the approved option plan.

     

    When a new Officer joins the Company during the period of an option plan, the Company will consider granting options to the joining
      Officer out of the reserve determined in the relevant option plan.

     

    The Company will grant options to its non-employee and external Directors based on the terms of the applicable option plan of the
      Company.

     

    	

          	  5.3.3.3.	
              Options Exercise

          


     

    Upon the vesting of each portion of the options granted, each Director and Officer will be entitled to exercise the vested options at
      his disposal held by the trustee (to the extent relevant).

     

    	5.4.	
            Additional terms and fringe benefits

          


     

    	 	  5.4.1.	
              Pension, disability and life insurance

          


     

    The Company will provide all Company Officers with Pension, Long Term Disability and life Insurance according to local practices and
      legislation.

     

    The Company’s contributions will be calculated based only on the base Monthly Salary and matching deductions will be made from the
      Officers' salary.

     

    Officers in Israel will sign the form of the general confirmation of the Labor Minister pursuant to section 14 of the Severance
      Payment Law, at the time of the renewal of agreements or the recruitment of a new Officer, and the Company shall contribute the severance payments of the Officer to the pension fund/managers insurance, in accordance with the Officer’s choice
      concerning the contributions to pension insurance.

     

    	 	  5.4.2.	
              Education Fund

          


     

    The Company will contribute to the Education Fund at the rate of 7.5% of each Officer's base Monthly Salary and deduct 2.5% from the
      Officer's Fixed Monthly Salary and will transfer these sums to an Education Fund to be chosen by the Officer.

     

    
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          	  5.4.3.	
              Company Car / Transportation Allowance

          


     

    The Company will allow Officers to choose to waive part of their salary in lieu of the Company placing a vehicle at their disposal for
      their personal use, as customary in system of operative leasing. With respect to new Officers, the Company will not bear the cost of the tax applicable to the value of the use of the vehicle.

     

    	

          	  5.4.4.	
              Expenses and incidentals

          


     

    Officers will be entitled for reimbursement for any expenses incurred in the course of performing their roles, according to relevant
      Company procedures.

     

    	

          	  5.4.5.	
              Annual Vacation and Sick Leave

          


     

    Officers will be entitled to annual vacation and sick leave according to applicable law and prevailing Company procedures, taking into
      consideration any relevant prior tenure in similar roles (or according to local legislation).

     

    	

          	  5.4.6.	
              Others

          


     

    Officers will be entitled to any additional benefits and perquisites according to Company Procedures and any relevant local
      legislation.

     

    	6.	
            Termination Terms

          


     

    Company Officers will be entitled to an Advance Notice period prior to termination of employer / employee relations of up to 6 months.

     

    The actual Advance Notice period for each Officer will be determined in the employment agreement of each Officer.

     

    Unless the BOD decides to release the Officer from this obligation, the Officer will be required to continue performing all role
      responsibilities During the Advance Notice period.

     

    	7.	
            Non-Competition

          


     

    The Officers will give a written undertaking, at the time of signing the employment agreement with the Company, to refrain from any
      competition with the Company for a period that shall not be less than six months from the termination date of their employment by the Company.

     

    	8.	
            Indemnification, Exemption and Insurance of Directors and Officers

          


     

    The Directors and Officers will be covered by a Directors and Officers insurance liability policy, to be periodically purchased by the
      Company, subject to the requisite approvals under the Companies Law, including run-off insurance for a period of up to seven years.  The coverage limit per claim and in the aggregate under the policy may not exceed $15 million and the Company’s
      Compensation Committee is and will be authorized to increase coverage by up to 30% in any year, as compared to the previous year.

    
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    The Company has granted, and will continue to grant, letters of indemnification and exemption letters to its Directors and Officers,
      subject to the requisite approvals under the Companies Law; provided, however, that the Company may not in the future provide exemption letters to an Officer or Director for an action or transaction in which a controlling shareholder (as such term is
      defined in the Companies Law) or any other Officer or Director (including an Officer or Director who is not the Officer or Director the Company has undertaken to exempt) has a personal interest (as such term is defined in the Companies Law).

     

    The aggregate indemnification amount payable by the Company to all indemnified persons, pursuant to indemnification undertakings to be
      granted to Officers and Directors from the adoption date of this limitation, in respect of any occurrence of the events specified in the exhibit to the indemnification undertaking, shall not exceed 25% of the Company’s shareholders’ equity according
      to the latest reviewed or audited consolidated financial statements approved by the Company’s Board of Directors prior to the date on which the indemnification amount is paid.

     

    	9.	
            Policy maintenance – Authority and Responsibility

          


     

    	

          	9.1.	
            Keeping the Policy current

          


     

    The CFO is responsible for keeping this Compensation Policy current.

     

    	

          	9.2.	
            Approval of changes to the Compensation Policy

          


     

    Updates to this Compensation Policy will be approved by the Compensation Committee, the BOD and the General Meeting as required by
      Companies Law.

     

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